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Parramatta Office Market Overview - Sept 2017


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Highlights:

Parramatta is in the midst of its development boom with a number of key office developments well underway, in conjunction with earmarked infrastructure projects, which are on track to revitalise the Parramatta CBD.

The prime vacancy rate is expected to remain at or near zero for the next 18 months as the next wave of new supply at 105 Phillip Street and 3PSQ has been fully pre-committed by tenants moving into the Parramatta market. This will put further pressure on the secondary stock market and it is likely that the market will see a decline in the total vacancy rate. Net absorption in Parramatta over the nextfour years is forecast to be around36,000m2 per annum, more than triple the10 year average of 12,000m2 per annummainly due to the number of large precommitments(NAB and GPNSW at PSQand NSW Education at 105 Phillip Street.

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